Global Forum-A big Push against tax evasion!
Increase in Efforts and Commitment
Global Forum on Tax Transparency has been moving ahead towards greater tax Transparency. Automatic Exchange of Information will be something for Tax evaders to consider.
There has been an overall common consensus worldwide by many countries for implementing the exchange of information system over the last year with over 90 members of the Global Forum, with commitment to start exchanging financial information beginning the year 2017 and/or 2018.
This Agreement seems to be attracting more and more countries and Panama and Cook Islands are the latest financial centres agreeing to this commitment.
This automatic exchange system of financial information is already set to commence by beginning of year 2016 for some jurisdictions putting pressure on governments to amend laws in order to incorporate this development into existing domestic laws ensuring smooth operation of exchange of information.
During the meeting of the Global Forum that was held in Bridgetown, Barbados on 29-30 October 2015, 13 new signings of the Multilateral Competent Authority Agreement had emerged, establishing a real-time monitoring process, in cooperation with the World Bank Group and other international organisations.
The Global Forum has also completed reviews and ratings to 86 jurisdictions for Compliance levels, with ongoing efforts to make it possible for developing countries to benefit also from tax transparency participation, focusing on African Countries and other developing countries.
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